Deforming text maintaining vertical alignment
You can use a Lattice and Proportional Editing

Add a lattice object and scale it so that it covers your object. 
Make the number on the U axis an odd number so that you have a division in the middle.



Select the Text Object and add a Lattice Modifier. Assign the newly created lattice as the deform object.



Select the lattice, enter edit mode, select the vertices in the middle.

Enable Proportional editing and set the falloff type to "sphere"

Press G (to move the selected vertices) and use the scroll wheel on the mouse to adjust the influence of the proportional edit, so that the circle covers the whole text.

Move the vertices up.